The crypto market showed signs of recovery yesterday after the ByBit $1.5 billion hack. For instance, Ethereum recorded over 3% surge while BTC continues consolidating around $95,000 and $97,000. However, today the scenario is different depicting the volatile nature of cryptocurrencies.
According to a post by TierUpDaily, a crypto trends and market moves updates X page, “the market is red today.” This is clearly depicted by the dropping Total Crypto Market Cap. As of the time of this writing, the Total Crypto Market Cap stood at $3.08 Trillion which is a drop from $3.14 Trillion recorded as the day kicked in.
Despite losing over $40 billion in the last 24 hours, the total is still above the 3.05 Trillion mark. However, continued decline in prices of top cryptocurrencies could lead to a breach of this level, mirroring a bearish market condition across the crypto market. Let’s explore how the top 3 cryptocurrencies by market capitalization are performing.
Bitcoin’s Consolidation Continues But Drop Could Fall Further
BTC has been having great performances in February according to historical data. Since 2013, this digital asset has closed off February on a price surge with drops recorded in 2014 and 2020 only. Nonetheless, this February seems to become the third February that BTC has closed the month with a drop.
❇️ February is typically a green month for Bitcoin – However, to avoid becoming the third red February in history, $BTC needs to close the month higher than 🎯$102,500 pic.twitter.com/yv1DjfWUNn
— CryptosRus (@CryptosR_Us) February 23, 2025
Currently, BTC is trading at $95,419.20 indicating a slight 0.54% decline on the day. On the monthly chart, the price of BTC is down by over 6% following the recent market uncertainty.
According to the daily, trading activity around BTC is also on the rise indicating that selling pressure is mounting. BTC’s trading volume over the last 24 hours stands at $24.34 Billion. This level marks a 55.52% surge in trading volume over the same time-frame.
The increased selling pressure, the price of BTC risks further decline which could push the price lower. BTC has already breached the support at $95,650 and could be headed to the $94,000 mark. If bulls fail to take control BTC could test the next key support around $92,325.
ETH Fails To Turn $2,800 Level Into Support; Price Dips Over 3%
With the crypto market facing massive volatility, ETH has continued to struggle today. The coin faced a hard time on Saturday Feb. 22, 2025 following the ByBit $1.5 billion hack, but recovered well to $2,827.5 yesterday. However, the top altcoin by market cap has failed to turn the $2,800 level into support.
According to data on Coinmarketcap, Ethereum is currently trading at $2,682.23 with this price level marking a 3.30% dip. Additionally, just like BTC, trading activity around ETH has increased as sellers continue to offload their holdings.
The trading volume over the last 24 hours stands at $24.29 billion with a 41.25% surge. This shows that Ethereum holders are concerned about further price drop despite many analysts predicting the start of the altseason.
XRP’s Downward trend Continues As Price Drops Further
Ripple-backed XRP has faced a rough over the last 7 days despite the crypto gaining widespread attention as regulatory barriers drop. Looking at the weekly chart, the price of XRP has dropped over 9%. This downward trend has continued today with XRP trading at $2.48. The current price marks a 2.40% decline since the Monday Feb.24, 2025 session kicked in.
Additionally, selling pressure is mounting on XRP holders as depicted by the trading volume which has increased by over 70.72% over the last 24 hours. Currently this trading volume sits at $3.99 billion. If bulls fail to regain control, XRP could dip further.
The general crypto market is at a point of extreme volatility as we move into the last days of February. Traders and investors are advised to keep an eye on the prevalent market conditions. If bearish sentiment continues to pick up pace, we could see massive corrections across BTC and altcoins.
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